The
global Cool Roof Coating Market size is anticipated to
reach USD 6.22 billion by 2027, exhibiting a revenue-based CAGR of 7.1% over
the forecast period, according to a new report published by Grand View
Research, Inc. Rising developments in the residential and industrial sectors
are expected to positively impact the demand. Cool roof coatings reduce the
heat buildup within the buildings, thus improving their performance and
reducing the overall maintenance cost.
The
commercial application segment is projected to expand at a CAGR of 6.8%, in
terms of revenue, over the forecast period. Rising spending on construction of
commercial stores, shopping malls, warehouses, institutions, hospitals, and
other similar projects owing to surge in the Purchasing Power Parity (PPP) in
regions such as North America, Asia Pacific, and Europe is anticipated to drive
the demand for cool roof coatings from commercial segment in the forthcoming
years.
The
demand from industrial application segment is dominated by rising demand from
the food industry, chemical processing, and manufacturing industries. The
demand from these industries is expected witness growth during the forecast
period due to heat reflectance, temperature resistance, and other beneficial
properties of cool roof coatings. Rapid industrialization, along with the
growth of infrastructure and manufacturing sectors boosted by the investment
from both private and public sectors is projected to positively influence the
industrial cool roof coating market over the forecast period.
IR
Reflective coatings emerged as the fastest growing product segment and is
expected to expand a CAGR of 7.5%, in terms of revenue, over the forecast
period. Rising application in the residential and industrial buildings to
reduce the energy cost is expected to fuel the segment growth. These type of
coatings exhibit special heat-reflective ability that reflects harmful infrared
rays and UV rays back into the atmosphere and thus reduce the heat generation
inside the building.
Favorable
government regulations and initiatives such as Leadership in Energy and
Environmental Design (LEED) rating system and Title 24 Building Energy
Efficiency Code standards, to lower energy consumption, are anticipated to
propel the product demand over the forecast period.
North
America led the global cool roof coatings market in 2019 owing to increasing
demand from residential and non-residential construction projects, such as
hospitals, schools, and colleges. The implementation of the Affordable
Healthcare Act in U.S. has triggered the construction of healthcare units and
hospitals. The rising population is expected to further boost the construction
of office spaces, industrial plants, schools, and colleges, thereby, driving
the demand for cool roof coatings in the construction sector.
Browse
Details of Report @
https://www.grandviewresearch.com/industry-analysis/cool-roof-coating-market
https://www.grandviewresearch.com/industry-analysis/cool-roof-coating-market
Further key findings from the repot suggest:
- Asia Pacific
is expected to be the fastest growing cool roof coatings market during the
forecast period
- Low-sloped
application occupied the largest revenue share on account of rising demand
for the construction of residential rooftop due to low installation costs
with low maintenance property
- Elastomeric
product type held the dominant market share of 65% in 2019, owing to
rising demand for environment-friendly and energy saving products and
solutions
- Key market
players include PPG Industries, Sika AG, GAF, The Valspar Corporation, and
NIPPON PAINT (M) SDN. BHD
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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